SOFIA (Bulgaria), June 30 (SeeNews) – Spending on the Internet of Things (IoT) in Central and Eastern Europe (CEE) is expected to reach some $27 billion (23.7 billion euro), market intelligence company IDC said.
In 2017 alone, spending on IoT in CEE is expected to grow by an annual 20.6% in 2017, reaching $12 billion, IDC said in a press release made available to SeeNews on Friday.
“We are seeing companies in Central and Eastern Europe increasingly embracing the Internet of Things, with many planning to accelerate investments in the short term,” Milan Kalal, programme manager of IoT research with IDC CEMA, said as quoted in the press release.
The industries making the largest IoT investments in 2017 will be transportation with $2.6 billion, manufacturing with $2.2 billion, and utilities with $1.3 billion, IDC says.
From a technology perspective, services and hardware will be the two largest revenue-generating categories, according to IDC.
“Hardware spending will be dominated by modules and sensors that connect end points to networks, while services spending will be split between IT and installation services and ongoing and content services,” the company said. “Software spending will be dominated by applications software,” it added.
Russia is expected to be the biggest investor in the IoT in CEE, with its spending expected to reach $9.4 billion in 2021. It is followed by Poland, with an expected spending of $5.8 billion in 2021 and the Czech Republic with $2.3 billion.
($ = 0.8758 euro)